This week sees the EU and US enter the second round of the Transatlantic Trade and Investment Partnership ('TTIP') talks in Brussels, previously postponed due to the US Government shutdown last month. This round of negotiations intends to put the TTIP discussion process fully back on track in terms of the planned negotiation timeline.
Indeed following on from the negotiations held in July, the negotiators from both sides of the Atlantic are expected to enter into the core issues and more complex aspects of the talks, that will include; services, investment, energy and raw materials, and regulatory issues. The outcome of the talks will be crucial as the standards determined in each of these chapters will eventually become the next global trade standards. This week will also confirm if the financial services sector will be part of the trade talks. While the US are unwilling to put financial services on the table, fearing that any deal could undermine the so-called Dodd-Frank bill on financial regulation, the EU is still pushing hard for their inclusion.
What remains certain at this stage is that there will be no 'one size fits all' approach. The negotiators will follow a sector by sector approach in order to secure a defined scope for the greatest regulatory compatibility possible.
Following this round of negotiations, a third round of negotiations will take place in Washington DC the week commencing 16 December.